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CRR Publishes Brief on the Effect of COVID-19 on Older Workers’ Labor Force Participation
On December 7, 2021, the Center for Retirement Research at Boston College (CRR) published its brief, “How Has COVID-19 Affected Older Workers’ Labor Force Participation?” Before the COVID-19 pandemic, more Americans were working longer and claiming Social Security later to help improve their prospects for a secure retirement.
Some of the key findings include:
- The results indicate that COVID-19 increased job exits by forcing many older adults out of work, especially for those with no college degree, women, Asian Americans, and those less able to work remotely.
- In contrast, the pandemic had little impact on retirement and Social Security claiming, which suggests that many older adults may return to work if COVID-19 continues to recede.
CRR’s analysis is based on the Current Population Survey (CPS) to compare job exits and retirements pre- and post-pandemic for workers 55 and over.
The brief is available here.